REG - Oakley Capital Inv. - Oakley agrees investment in Steer Automotive Group

Oakley Capital InvestmentsAnnouncement

16/01/2024 07:00

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RNS Number : 7671Z  Oakley Capital Investments Limited  16 January 2024

16 January 2024

Oakley Capital Investments Limited

 

Oakley Capital Investments Limited(1) ("OCI") is pleased to announce that
Oakley Capital Fund V(2) ("Fund V") has agreed to acquire Steer Automotive
Group, the UK's leading B2B automotive services platform.

OCI's indirect contribution via Fund V is expected to be up to £90 million.

Note that the above figure only relates to OCI's share of Oakley's overall
investment in Steer Automotive Group.

Further details on the transaction can be found in the below announcement from
Oakley Capital(3.)

 

Oakley Capital agrees investment in Steer Automotive Group, the UK's leading
B2B automotive services platform

Oakley Capital, the leading pan-European private equity investor, announces it
has reached a conditional agreement to invest in Steer Automotive Group, the
UK's largest and fastest-growing independent collision repair group.

Founded in 2018 by serial entrepreneur Richard Steer, Steer Automotive has
expanded through 18 acquisitions, establishing a network of over 100 repair
centres. The group facilitates repairs through its core passenger car and
prestige repair centres, luxury brand centres and commercial vehicle
locations.

Representing approximately 5% of the UK repair market, Steer employs over
2,300 people and repairs more than 115,000 vehicles a year. In 2023, Steer
Automotive Group was ranked 36th in The Sunday Times's list of 100
fastest-growing businesses in the UK, separately being recognised by The
Independent as one of the top 100 job creators in the country and was awarded
'ESG Excellence Accreditation' for its sustainability strategy.

Steer is a key partner for the UK's leading vehicle insurers, accident
management companies and OEM dealerships, holding 43 manufacturer
accreditations, including recommendation and approval for major brands such as
Porsche, Rolls Royce, Bentley, McLaren, Lamborghini, Aston Martin, JLR, Tesla,
Mercedes Benz, Volkswagen Group, Stellantis and Ford.

Founder, Richard Steer, and the current management team will continue to lead
the business and are reinvesting alongside Oakley. As part of the transaction,
Oakley will acquire the shares held by Keyhaven Capital Partners and Chiltern
Capital.

Partnering with Oakley will facilitate Steer Group's next stage of growth
within the fragmented collision repair market, further strengthening its
investment in its facilities, development and training through the Steer
Academy programme, and EV repair capability to meet the demands of newer, more
technologically advanced vehicles.

Oakley Capital Founder and Managing Partner, Peter Dubens commented:

"Our strategy has always been to invest behind exceptional founders with a
clear strategic vision. We have been impressed by Richard and his team, and
the way they have built Steer to serve the changing needs of the UK automotive
industry. We look forward to working with the company as they deliver on their
ambitious growth plans to scale Steer Group into a key service provider for
this large, dynamic market."

Steer Automotive Group Founder, Richard Steer commented:

"Over recent years we have built Steer into the UK's leading automotive repair
business, with major investments in the talent, technology, and systems
required to serve the Automotive Industry as it undergoes huge change. Both
Chiltern and Keyhaven have been great supporters of our business and have been
instrumental in delivering the growth we have achieved to date.

We are delighted to have now secured a partnership with Oakley Capital to fuel
the next phase of our growth. Oakley are a great fit for our business and
complement our experience, with a very strong track record helping fast
growing businesses through both organic growth and M&A. We see potential
to further grow our share of the automotive repair market by building a unique
sector-leading proposition that's well positioned to meet the evolving needs
of our clients, sustaining our strong focus on customer care and service
quality."

 

- ends -

 

For further information please contact:

 

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget

 

Greenbrook Communications Limited

+44 20 7952 2000

Rob White / Michael Russell

 

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Chris Clarke / Darren Vickers / Owen Matthews

 

Notes:

LEI Number: 213800KW6MZUK12CQ815

(1 )About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle that aims
to provide shareholders with consistent long-term capital growth in excess of
the FTSE All-Share Index by providing liquid access to private equity returns
through investment in the Oakley Funds.

A video introduction to OCI is available
at https://oakleycapitalinvestments.com/videos/
(https://oakleycapitalinvestments.com/videos/)

The contents of the OCI website are not incorporated into, and do not form
part of, this announcement.

(2) The Oakley Funds

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital
Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV,
Oakley Capital V, Oakley Capital Origin Fund and Oakley Capital Origin Fund II
are unlisted lower-mid to mid-market private equity funds that aim to provide
investors with significant long-term capital appreciation. The investment
strategy of the Funds is to focus on buy-out opportunities in industries with
the potential for growth, consolidation and performance improvement. The
Oakley family of funds also includes Oakley PROfounders Fund III and Oakley
Touring Venture Fund, which are venture capital funds focused on investments
in entrepreneur-led, disruptive, technology led companies.

(3) Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability
to source attractive growth assets at attractive prices. To do this it relies
on its sector and regional expertise, its ability to tackle transaction
complexity and its deal generating entrepreneur network.

Important information

Specialist Fund Segment securities are not admitted to the Official List of
the Financial Conduct Authority. Therefore, the Company has not been required
to satisfy the eligibility criteria for admission to listing on the Official
List and is not required to comply with the Financial Conduct Authority's
Listing Rules.

The Specialist Fund Segment is intended for institutional, professional,
professionally advised and knowledgeable investors who understand, or who have
been advised of, the potential risk from investing in companies admitted to
the Specialist Fund Segment.

This announcement may include "forward-looking statements". These
forward-looking statements are statements regarding the Company's objectives,
intentions, beliefs or current expectations with respect to, amongst other
things, the Company's financial position, business strategy, results of
operations, liquidity, prospects and growth. Forward-looking statements are
subject to risks and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future.  Accordingly the
Company's actual future financial results, operational performance and
achievements may differ materially from those expressed in, or implied by, the
statements. Given these uncertainties, prospective investors are cautioned not
to place any undue reliance on such forward-looking statements, which speak
only as at the date of this announcement. The Company expressly disclaims any
obligation or undertaking to update or revise any forward-looking statements
contained herein to reflect actual results or any change in the Company's
expectations with regard to them or any change in events, conditions or
circumstances on which any such statements are based unless required to do so
by the Financial Services and Markets Act 2000, the Listing Rules or
Prospectus Regulation Rules of the Financial Conduct Authority or other
applicable laws, regulations or rules.

 

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